Case Number: No. 09-md-02063-JLK-KMT
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $89.5 million
Court: United States District Court for the District of Colorado
Berger Montague served as co-lead counsel and obtained an $89.5 million settlement for investors in six tax-exempt bond mutual funds managed by OppenheimerFunds, Inc. and distributed by OppenheimerFunds Distributor, Inc. The investors suffered the losses during the financial crisis of 2008. The case was litigated in the United States District Court for the District of Colorado and captioned In re Oppenheimer Rochester Funds Group Securities Litigation, No. 09-md-02063-JLK-KMT (D. Colo.).
Six class actions were consolidated in June 2009 and alleged that OppenheimerFunds, Inc., OppenheimerFunds Distributor, Inc., the Funds, and certain of their trustees and officers violated the federal securities laws, including the Securities Act of 1933 that prohibits materially false and misleading statements in registration statements and prospectuses of the kind used to sell shares in the Funds. The plaintiffs alleged that the Funds’ assets were managed in a way that was inconsistent with the Funds’ stated investment objectives and with the Funds’ stated limits on illiquid securities, inverse floaters, and other assets. The lawsuit further alleged that when risks embedded in the Funds materialized, the value of the Funds’ shares declined significantly.
If you are an investor and have questions about a potential securities fraud lawsuit, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.